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Dec 29, 2012
12/12
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FBC
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lou: let's start with the idea taxes that this president wants $1.6 trillion in new taxes. that is a heck of an initial bargaining position, isn't it.> >> the president talks about tax rates.te he wants tax rate increases and he converted into dollars.x rev the real question is can you raise tax revenues.se the only way that we will raise enoughevenues to get us out of trouble is private sectorsetor growth. tas you will not have private sectoc growth if you're saraying thate you're going too raise their health care costs or energy costs or labor costs. going t people aroe going to invest. job you are going to find that job creation is unique. american businesses want aess io president to succeed. i didn't vote for him, but hisey success is tied to my success. t conversely, his success is tied to the success of american bs business. there ought to be some common ground here. i'm just not seeing it yet. youh lou: what do you think of the idea that it doesn't ceos from companies show that the white house to talk big with the big guys, but small business thatf creates most thes
lou: let's start with the idea taxes that this president wants $1.6 trillion in new taxes. that is a heck of an initial bargaining position, isn't it.> >> the president talks about tax rates.te he wants tax rate increases and he converted into dollars.x rev the real question is can you raise tax revenues.se the only way that we will raise enoughevenues to get us out of trouble is private sectorsetor growth. tas you will not have private sectoc growth if you're saraying thate you're...
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Dec 31, 2012
12/12
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WUSA
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this and they have until midnight to make some sort of compromise before massive spending cuts and tax increases kick in. randall pinkston has more from capitol hill. >> reporter: members of congress left meetings on capitol hill sunday without a deal. hours before the nation is set to fall off the so-called fiscal cliff. >> there is still significant distance between the two sides, but negotiations continue. >> reporter: if republicans and democrats can't strike a deal before midnight monday, taxes will go up for most every american. automatic spending cuts will kick in. millions will lose unemployment benefits. >> i'm willing to get this done but i need a dance partner. >> reporter: republicans introduced but quickly withdrew a proposal to cut the deficit by slowing social security. >> there is a lot of give and take going on right now but republicans don't want to see tax increases used for new spending. >> reporter: vice president joe biden was called on to help with the negotiations, this as the white house places a lot of the blame for the impasse on the gop. >> they say their bi
this and they have until midnight to make some sort of compromise before massive spending cuts and tax increases kick in. randall pinkston has more from capitol hill. >> reporter: members of congress left meetings on capitol hill sunday without a deal. hours before the nation is set to fall off the so-called fiscal cliff. >> there is still significant distance between the two sides, but negotiations continue. >> reporter: if republicans and democrats can't strike a deal before...
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Dec 31, 2012
12/12
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CNNW
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the estate tax. the amt, the doc fix. it's more than just rates that we're talking about here, and it's more than just the sequester. there's all these patches. any clarity on those? >> reporter: you're absolutely right. there's so much. on the payroll tax, i have not heard anybody talk about continuing that. it doesn't mean it might not pop up at the last-minute, but what it means is that everything will see a little bit of a bite taken out of the paycheck no matter what because the payroll tax holiday gifforoes away. on the amt, many of us working the story at cnn were told they're talking about patching it that permanently. then i got anner mail from a democratic source saying it's not true. the estate tax lower than it was on the table seems to still be on the table. all of these things are still worked out. you're absolutely right. there's so mauch here and affecs people where it matters most, in their wallets and paychecks. >> parents, teachers, college students, every working american, doctors
the estate tax. the amt, the doc fix. it's more than just rates that we're talking about here, and it's more than just the sequester. there's all these patches. any clarity on those? >> reporter: you're absolutely right. there's so much. on the payroll tax, i have not heard anybody talk about continuing that. it doesn't mean it might not pop up at the last-minute, but what it means is that everything will see a little bit of a bite taken out of the paycheck no matter what because the...
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Dec 29, 2012
12/12
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WETA
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none of his proposals in raise taxes on the rich. it is 8 cents on the dollar. it is a trivial amount of money, and he has never put any political capital in entitlement reform or tax reform. he will talk about it here or there. never invested any capital in it. >> i thought -- if it is such a trivial amount, then why the squealing, the yelling, the hurt feelings of all of these plutocrats? i will say this -- right now, he is absolutely right. all the political advantage is with the president, but if this thing comes to a complete halt and falls, then there will be political blame across the board, and it will undermine all public confidence in the public sector. >> let me hold on just a second -- all political advantage is with the president? what is he running for? he won. this is a time for him to take some political hits and tell the truth for a change instead of trying to get some political advantage. >> a look at war and foreign policy in 2012. >> this time of war began in afghanistan, and this is where it will end. >> afghanistan is now the nation's longe
none of his proposals in raise taxes on the rich. it is 8 cents on the dollar. it is a trivial amount of money, and he has never put any political capital in entitlement reform or tax reform. he will talk about it here or there. never invested any capital in it. >> i thought -- if it is such a trivial amount, then why the squealing, the yelling, the hurt feelings of all of these plutocrats? i will say this -- right now, he is absolutely right. all the political advantage is with the...
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Jan 1, 2013
01/13
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WMAR
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the senate passed a measure to raise taxes on the top earners but will it stan in the house? we will take a look -- stand in the house? we will take a look. >> reporter: same sex couples celebrate the first legal weddings in maryland. i am sherrie johnson and i will have a live report at city hall. >> those stories are straight ahead on this tuesday january 1st, 2013. happy new year to you and thanks for being with us. i am charley crowson. megan is off for you on this new year's moving. but mike -- morning. but mike masco is in. we were talking about how mild everything is relatively speak. after last week we need a break don't you think? >> we do and we are getting it today. not tomorrow. it's going to get cold by tomorrow and going into the rest of the week. good news is it's dry across- town. maryland's most powerful radar is clear overhead
the senate passed a measure to raise taxes on the top earners but will it stan in the house? we will take a look -- stand in the house? we will take a look. >> reporter: same sex couples celebrate the first legal weddings in maryland. i am sherrie johnson and i will have a live report at city hall. >> those stories are straight ahead on this tuesday january 1st, 2013. happy new year to you and thanks for being with us. i am charley crowson. megan is off for you on this new year's...
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Dec 30, 2012
12/12
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WRC
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give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom....
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Jan 1, 2013
01/13
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WUSA
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they protect 99.3% of the taxpayers from any tax increases from the income tax. many people, they will see the payroll tax increases, but they won't see any increase tax views. those are people making more than $450,000 or $400,000. they will see their taxes revert back to where they were in the clinton administration. their top right will be 39.6%. and going up. it will be about 20%. so they're going to see the tax increases. the estate tax about $5 million with a 40% rate, the $5 million exclusion will continue going forward so they've got a little bit of the break there. that's what's happening. we're sort of holding things steady, a few people are going to see higher taxes go up. on average by about $1,500. >> the current deal extends the unemployment benefits for another year for millions of americans. and protect the payments to go out to the doctors that treat the medicare patients. but what about the spending cuts we need to deal with the national debt? >> that's the big problem. they have put off the major tax increases. they're going to fight it all off
they protect 99.3% of the taxpayers from any tax increases from the income tax. many people, they will see the payroll tax increases, but they won't see any increase tax views. those are people making more than $450,000 or $400,000. they will see their taxes revert back to where they were in the clinton administration. their top right will be 39.6%. and going up. it will be about 20%. so they're going to see the tax increases. the estate tax about $5 million with a 40% rate, the $5 million...
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Dec 31, 2012
12/12
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WUSA
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experts are saying that tax holiday is coming to an end. the center on policy and budget priorities says it is about $100 billion. goldman sachs says ending the tax holiday would shave percentage points off economic growth next year, not predicted that strong anyway. let's say you make $50,000 a year. that works out to be $20 a week. if you add it up, it comes out to be a thousand dollars less that you are taking home in 2013. >> and that is just the beginning. >> that is not even the tax increases we are looking at. this is just what is taken out of your paycheck. >> we are going to keep looking for it and have the answers for you, coming up >>> rg iii and the redskins are nfc east champs, heading to the playoffs. >> that's right. coming up dave owens is one-on-one with the rookie quarterback after the big win last night. stay with us. on >>> we are starting off with part pli cloudy skies there morning, we'll turn overcast this afternoon. still highs will have the opportunity to make it into the lower range 40s with southwest winds. >>> an
experts are saying that tax holiday is coming to an end. the center on policy and budget priorities says it is about $100 billion. goldman sachs says ending the tax holiday would shave percentage points off economic growth next year, not predicted that strong anyway. let's say you make $50,000 a year. that works out to be $20 a week. if you add it up, it comes out to be a thousand dollars less that you are taking home in 2013. >> and that is just the beginning. >> that is not even...
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Dec 31, 2012
12/12
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MSNBCW
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
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Dec 31, 2012
12/12
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WBAL
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your taxes may go up in 2013. top leaders back to a short-term extension of a farm law that would keep prices from rising. at least 24 colleges have frozen tuition and then leased eight have cut tuition including scene haeton hall. i'm jane king with the bloomberg business report. >> we know the ravens are in the playoffs and now we know who they will be playing. >> don't forget to e-mail us your response to our water cooler question of the day. what are you looking forward to in 2013? you can share your response at wbaltv.com and on our facebook page, or send us an e-mail to watercooler@wbaltv.com. >> 18 to 1 are the odds the ravens were given to win the super bowl. >> there are two constance with the ravens, joe flacco and the health.ltam >> we have a couple people out on defense. >> they can get to the super bowl if they can keep everyone. we have everyone that we need. >> we want to hear your take on the ravens' postseason playoffs. >> 5:26. fiscal impact. >> the nation teeters on the edge of the fiscal cliff.
your taxes may go up in 2013. top leaders back to a short-term extension of a farm law that would keep prices from rising. at least 24 colleges have frozen tuition and then leased eight have cut tuition including scene haeton hall. i'm jane king with the bloomberg business report. >> we know the ravens are in the playoffs and now we know who they will be playing. >> don't forget to e-mail us your response to our water cooler question of the day. what are you looking forward to in...
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Dec 31, 2012
12/12
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WMAR
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there's divide on taxes. the white house wants to raise tax rates on people making will go up. >> if we're not able to reach an agreement, it will be dire. >> reporter: if there's though deal today, the average american family will start the year with a $3400 tax hike. paula and hn? >> tahman bradley reporting live from washington this morning. happy new year to you. >> same to you. >>> the president called the shooting at newtown was the worst day of his presidency. >>> a bus crash has killed nine people and injured others. the tour bus lost control on interstate 84 yesterday morning. it happens in a treacherous section of the blue mountains called dead man pass as the bus was heading back to vancouver from las vegas. the drive survived but was too badly injured to speak with police. >>> nasty weather being said to have caused dozens of accidents across the country. >> here's jim dickey. >>> these early morning temperatures this morning. 5 in burlington, 9 in portland. 18 in boston. now, we switch gears the
there's divide on taxes. the white house wants to raise tax rates on people making will go up. >> if we're not able to reach an agreement, it will be dire. >> reporter: if there's though deal today, the average american family will start the year with a $3400 tax hike. paula and hn? >> tahman bradley reporting live from washington this morning. happy new year to you. >> same to you. >>> the president called the shooting at newtown was the worst day of his...
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Dec 30, 2012
12/12
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FOXNEWSW
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amt, the alternative minimum tax. a fix so that won't hit 20 million more americans. >> that is exactly right. >> chris: let me focus on the tax rates. that has been the biggest issue in the whole debate. the president wants to extend the tax rates on families making less than $250,000 a year. senator graham is that acceptable or does the threshold for when you start to make the bush tax rates go away does it have to be higher? some people said $400,000 and $500,000. how confident are you that the house which refused to set the mark at a million dollars will pass any tax rate increase? >> if democrats will vote for the deal in the house if they are allowed to vote for whatever the senate passes there will be enough republicans but boehner needs a majority of the republican party. in 2010 we extended all of the tax cuts because the economy was weak. we are not going to extend all of the tax cuts but the economy is weaker. i don't understand the economics but i do understand the politics. the president won. the presiden
amt, the alternative minimum tax. a fix so that won't hit 20 million more americans. >> that is exactly right. >> chris: let me focus on the tax rates. that has been the biggest issue in the whole debate. the president wants to extend the tax rates on families making less than $250,000 a year. senator graham is that acceptable or does the threshold for when you start to make the bush tax rates go away does it have to be higher? some people said $400,000 and $500,000. how confident...
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credit the child tax credit and the college tax credit would be extended for another five years the estate tax would be raised to forty percent for properties worth more than five million dollars the deal would extend unemployment benefits for another year and finally the capital gains tax would increase from fifteen percent to twenty percent. so what does this really mean i'm joined now by sam sax progressive writer and commentator and also a former capitol hill staffer so sam i know you've been sort of following this throughout the day as i have what do you think are the winners and losers well right now it appears that the winners the same people who've been winning for the last several decades and that's the extremely wealthy people in america i mean right now the whole debate and center around just how many wealthy people are going to get the bush tax cuts and we've seen that the president for about four years has said he's not going to cave on two hundred fifty thousand dollars threshold we saw him cave about two years ago on that and he appears to be ready to cave on that it
credit the child tax credit and the college tax credit would be extended for another five years the estate tax would be raised to forty percent for properties worth more than five million dollars the deal would extend unemployment benefits for another year and finally the capital gains tax would increase from fifteen percent to twenty percent. so what does this really mean i'm joined now by sam sax progressive writer and commentator and also a former capitol hill staffer so sam i know you've...
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Dec 31, 2012
12/12
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FOXNEWSW
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to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it isn't. i think there's blame on both sides. one of the frustrations when i go to republican source on capitol hill they say the president is in the same place negotiation as he was 6 weeks ago that is to say you were right when there was spending problem. we are spending 1.2 trillion more than we take in. the amazing thing five, six weeks into the negotiations the president hasn't proposed a single spending cut. it is an amazing thing. >> this is what is so incredible. there isn't any discussion other than the blame game. i will talk about this later in the show the president
to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it...
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Jan 1, 2013
01/13
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KCSMMHZ
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a year will pay more taxes. that's $200,000 higher than the threshold president barack obama originally proposed. that is the senate deal postponed by two months, the spending cuts that are scheduled to start on january 1st. the senate passed the bill on two tuesday, two hours after the december 31st deadline. members of the republican-led house of representatives will vote on the bill on tuesday. lawmakers are expected to work on a stopgap measure to ensure the impact of the suspended tax cuts is minimal. >>> doctors treating hillary clinton say they have found a blood clot between her brain and skull. but they say she is making an excellent recovery. staff at a hospital in new york issued a statement on monday, a day after clinton arrived for treatment. last month, doctors diagnosed her with a concussion after a stomach virus caused her to become dehydrated and faint. she had been resting at home since then. medical personnel say an mri revealed a clot in a vein between clinton's right here but they say she di
a year will pay more taxes. that's $200,000 higher than the threshold president barack obama originally proposed. that is the senate deal postponed by two months, the spending cuts that are scheduled to start on january 1st. the senate passed the bill on two tuesday, two hours after the december 31st deadline. members of the republican-led house of representatives will vote on the bill on tuesday. lawmakers are expected to work on a stopgap measure to ensure the impact of the suspended tax cuts...
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Dec 31, 2012
12/12
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WETA
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they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of representatives might not vote on something tonight. >> we will keep you up-to-date with the fiscal cliff situation over the next few hours. we showed you athens a few minutes ago and the fireworks displays around the world have been heralding the start of the new year. north korea has joined other countries in having a pyrotechnics display. australia, china and russia are well into 2013. we are tracking the celebrations. >> residents in samoa were among the first to welcome 2013. these to be the last but a year ago, they jumped to the west of the international dateline. the spectacular start to the new yea
they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of...
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Dec 27, 2012
12/12
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FOXNEWSW
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let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budget office and any number of conservative economistst that this is serious. that we have got to get this thing done that we have got to get it in order. or at some point america's full faith and credit is going to go away. we are not going to look so good to the rest of the world as far as credit risk. so let's talk to you about this. is this a manufactured media crisis or does something substantial need to be done here? >> well, i certainly think that the fiscal cliff, that language is a manufactured media narrative. that americans believe on january 1 we are going to be standing in line for bread. that's not going to happen this is all
let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budget office and any number of conservative economistst that this is serious. that we have got to get...
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Jan 1, 2013
01/13
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CNNW
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so any vote in the house will be a vote for tax cuts, not for tax hikes. that helps. john boehner needs to take this deal struck in the senate that presumably has some buy in from him if not from his rank and file, because mitch mcconnell did not negotiate this is a vacuum and this is a pretty overwe will being vote. he will take this to his conference today and see where they are at. the expectation is there are two directions this could go. either a vote on the bill or house republicans propose changes so they can amend the bill more to their liking and send it back to the senate. but i think this is expected to move along here. >> there could be amendments, one past, they could vote on amendments, could fail, and then vote on the full measure. isn't that true also? >> yeah, that is true, and the other thing is once anything goes to the floor, it's not just up to republicans, it will -- and the think the expectation all along, whatever ultimately passes the house as we saw in the senate will require democrats and republicans. >> talking to phil gingery, seemed to be
so any vote in the house will be a vote for tax cuts, not for tax hikes. that helps. john boehner needs to take this deal struck in the senate that presumably has some buy in from him if not from his rank and file, because mitch mcconnell did not negotiate this is a vacuum and this is a pretty overwe will being vote. he will take this to his conference today and see where they are at. the expectation is there are two directions this could go. either a vote on the bill or house republicans...
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Dec 31, 2012
12/12
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WRC
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the alternative minimum tax kicks in, and several tax deductions expire, as well. nbc has more from capitol hill on the latest with the negotiations. daniel yel danielle, how are the talks going? >> reporter: there's been progress. at 11:00 a.m. the senate get back to work. when they do, they are not going to have a lot of time to come up with a deal to avoid spending cuts and tax increases. both sides are still divided, but before calling it quits yesterday, democratic leader harry reid said he hoped to have an announcement in the morning had the senate gets back to work. aides say they're specifically divided on what salary taxes should increase, but they say there was progress in terms of tax increases for the wealthiest of americans. also avoiding the inheritance tax increases. and democrats say that they're grateful that republicans have given up the demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too stubborn on tax increases. and just yesterday, republicans slammed democrat
the alternative minimum tax kicks in, and several tax deductions expire, as well. nbc has more from capitol hill on the latest with the negotiations. daniel yel danielle, how are the talks going? >> reporter: there's been progress. at 11:00 a.m. the senate get back to work. when they do, they are not going to have a lot of time to come up with a deal to avoid spending cuts and tax increases. both sides are still divided, but before calling it quits yesterday, democratic leader harry reid...
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120
Dec 25, 2012
12/12
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FBC
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way $1.64 trillion in taxes. $82 billion per year from the top 2%. senates the n same amount of net tax hikes in the president's 2013 budget that the senate rejected unanimously. byl the tax hikes that he is requesting, the national debt by it'll instead of 25.8%, that's where you get cut down. it will amount toll $25.4 trillion.that's we will call at obama wins. a r the national media waiting forii that one. that is what will be. it will be a really dramaticis s scene. i want to show you exactly how changes. speaker boehner wants, oh, yeah? he is going to kick some tail. we are going to get to point you leally in dollars and the spending of this country.that'l let me rephrase that. total a $2.2 trillion reduction in thf total plan spending. we are looking at the republican plan. we will show you just how tough it is. the only difference is how we get there. mr. obama wants one thing and mr. boehner once another.see and we will see a knockdown drag out fight any big dramatic of negotiation. what you and i and all americans are looking at is the prosp
way $1.64 trillion in taxes. $82 billion per year from the top 2%. senates the n same amount of net tax hikes in the president's 2013 budget that the senate rejected unanimously. byl the tax hikes that he is requesting, the national debt by it'll instead of 25.8%, that's where you get cut down. it will amount toll $25.4 trillion.that's we will call at obama wins. a r the national media waiting forii that one. that is what will be. it will be a really dramaticis s scene. i want to show you...
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141
Dec 31, 2012
12/12
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WTTG
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they will be able to dial backbc the tax hikes in the daily or two.il shawn? >> thank you.u. >>> mark joins us.ns from are reports that we know now there will not be a house vote on the fiscal cliff packagk tonight. what are you hearing? what are the chances in what's going on? >> the u.s. congress has taken incomplete, remember that, you would call the registrar and, or your professor, and you took an incomplete, and that's what they've done. mcdonnell and the democratsdemo could get something done in terms of taxes, and it's a stage of process, but in terms of the whole bargain, they want more time of the what republicans didn't want to have blamedblam monday them is that they increased taxes on the middle class, and so maybe tim kainey was prophetic.ti he said let's just settle atse 500,000.tt they settled at 450,000, and noo move to the tougher stuff later. >> we've seen a lot of frustration and it's not justjus the americans who will be affected. lawmakers also fed up, maryland senator, the longer serving woman in the senate, said i, lived through 9/11, i
they will be able to dial backbc the tax hikes in the daily or two.il shawn? >> thank you.u. >>> mark joins us.ns from are reports that we know now there will not be a house vote on the fiscal cliff packagk tonight. what are you hearing? what are the chances in what's going on? >> the u.s. congress has taken incomplete, remember that, you would call the registrar and, or your professor, and you took an incomplete, and that's what they've done. mcdonnell and the...
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threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa today" washington bureau chief susan page and "the washington post" congressional reporter ed o'keefe. good morning to both of you and happy new year. >> good morning. >> same to you. >> the senate returns in about an hour. how close are they? what are you hearing? >> you know, i think it is conceivable that we'll have a new year's eve miracle and there will be a deal but i think the safe bet is against it. for this to happen in the next 14 hours you need to have no senator object to a majority vote, you know, any senator can start to filibuster and forc
threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa...
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there is another reason, the year for goodwill, it's the a lot of day people can get that donation tax write off for 2012. >> right. we're waiting for 2013 to arrive here, much of the world welcomed new year, here is how they kit d.it in london. the well bells of big ben rang loudly. lit up the river thames over a wide area you can see just spectacular, cost australia $7 million to pull off this display. that is billed as the world's most expensive z take a look at this light show in dubai. seeing it, just watching it costs $4300. and an amazing scene now in new york time square. a million people expected to watch the ball drop. new year arrives there in about two and a half hours from now. very exciting. now, you can bring in the new year with abc. there will be a special celebration of dick clark's live, atd 10:00 there is a a program with ryan seacrest, then at 11:00 preparations and celebrations on abc 7 news, then at 11:30 going back to new york with so a big night here on abc 7. celebrating new year's. >> we have you covered. >> still to come on abc 7 news at 6:00 a deal may be20
there is another reason, the year for goodwill, it's the a lot of day people can get that donation tax write off for 2012. >> right. we're waiting for 2013 to arrive here, much of the world welcomed new year, here is how they kit d.it in london. the well bells of big ben rang loudly. lit up the river thames over a wide area you can see just spectacular, cost australia $7 million to pull off this display. that is billed as the world's most expensive z take a look at this light show in...
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the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when senate gets back network. where are they divided inspecifically divided at what salary taxes should increase but there was progress in terms of tax increases for the wealthiest of americans, also avoiding the inheritance tax increases and democrats say that they are grateful republicans have given up a demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too suborn on tax increase and just yesterday republicans slammed democrats for
the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic...
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they're stuck on the income threshold for higher taxes and the taxevel on large estates. vice president joe biden has taken over as lead negotiator for democrats and expected to keep working with mitch mcconnell. steve handelsman explains why some lawmakers might prefer to go over the cliff. >> reporter: the night before the fiscal cliff. >> the senate stands in recess. >> reporter: the senate gave until tomorrow. >> there still time left to reach an agreement. >> reporter: house lawmakers headed home, dropping a command to cut social security and hope the senate sends them a deal with minimal tax hikes on the rich. >> i'm still optimistic that we can get this averted before the final hour here tomorrow. >> reporter: when the clock strikes 2013, taxes go up on most americans. huge defense cuts kick in, which some republicans claim barack obama favors. >> it's obvious the president wants us to go over the fiscal cliff. >> reporter: on "meet the press," president obama blamed republicans. >> they say their biggest priority is dealing with the deficit, but the way they're be
they're stuck on the income threshold for higher taxes and the taxevel on large estates. vice president joe biden has taken over as lead negotiator for democrats and expected to keep working with mitch mcconnell. steve handelsman explains why some lawmakers might prefer to go over the cliff. >> reporter: the night before the fiscal cliff. >> the senate stands in recess. >> reporter: the senate gave until tomorrow. >> there still time left to reach an agreement. >>...
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on the taxes, just on the taxes, as they are structured now, if you look at the tax deal, comparing it to what the re-knew you would get over ten years, it's roughly $600 billion that they get revenue coming in from the tax deal they are striking with the framework tonight. hurricane sandy recovery billion is $60.4 billion. it's about the same annually. >> preclintonnian tax and spend democratic philosophy. you take in $60 billion a year from the rich. and it's simply you spend half of that on unemployment insurance. the rest of is it spent on all the credits, tax credits which are going to be undone. which will be retaped. if a cliff is avoided and the deal was accepted. you take the money and you spend money. this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it
on the taxes, just on the taxes, as they are structured now, if you look at the tax deal, comparing it to what the re-knew you would get over ten years, it's roughly $600 billion that they get revenue coming in from the tax deal they are striking with the framework tonight. hurricane sandy recovery billion is $60.4 billion. it's about the same annually. >> preclintonnian tax and spend democratic philosophy. you take in $60 billion a year from the rich. and it's simply you spend half of...
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it would keep taxes from rising on 98% of americans but raise rates on families making over $450,000 a year. president obama campaigned for a lower cut off. $250,000. but he claimed victory. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: but house speaker john boehner and his gop lawmakers might still not agree. >> the house stands adjourned until noon tomorrow. >> boehner sent house lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >> listen, this is disgusting. and everybody involved should be embarrassed. >> off the cliff at midnight the economy could take a hit but senate leaders hope to counter that with a rare, strong, bipartisan vote. house conservatives could still reject the plan and keep america from climbing back up the cliff. i'm steve handelsman, news 4, capitol hill. >> again the senate is expected to vote on those bills sometime late tonight or early tomorrow morning. top democrats say it will have their support. tomorrow at noon could
it would keep taxes from rising on 98% of americans but raise rates on families making over $450,000 a year. president obama campaigned for a lower cut off. $250,000. but he claimed victory. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: but house speaker john boehner and his gop lawmakers might still not agree. >> the house stands adjourned until noon tomorrow. >>...
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one step can be quite taxing. >> sales taxes here tomorrow 9.5%. sales tax right here tomorrow, 9%. >> reporter: so we're live here at safeway at the del norte bart station. it's mobbed. i'm not sure people are trying to save an extra penny every four dollars. it's new year's eve. but they are getting cheaper goods today and this tax will continue for the next four years. live in el cerrito, mike sugerman, cbs 5. >> thank you. >>> some people will have more money to spend come new year's. san francisco's minimum wage will be increased to $10.55 an hour. and that makes it the highest in the u.s. >>> a not guilty plea from a woman accused of killing a pedestrian at san francisco overlook. 23-year-old gina eunice appeared in court today on charges of vehicular manslaughter, dui and hit-and- run. police say her blood alcohol level was nearly three times the legal limit. but her attorney insists her million-dollar bail is unfair. >> i think it would be really so much better for this family which is not to denigrate what the yao family is going through b
one step can be quite taxing. >> sales taxes here tomorrow 9.5%. sales tax right here tomorrow, 9%. >> reporter: so we're live here at safeway at the del norte bart station. it's mobbed. i'm not sure people are trying to save an extra penny every four dollars. it's new year's eve. but they are getting cheaper goods today and this tax will continue for the next four years. live in el cerrito, mike sugerman, cbs 5. >> thank you. >>> some people will have more money to...
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the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they will go up as of midnight. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for secretary of state hillary clinton. she remains in a new york hospital tonight, her daughter chelsea by her side today. and now her doctors have revealed it is a blood clot near the brain that's keeping her in the hospital. tonight, we tackle many questions here, how was it discovered, how will they treat it, what is her prognosis? dr. besser is standing by, but first, abc's matha raddatz is in washington. and martha, this is a lot worse than many thought. >> reporter: it sure seems to be, david. we waited 24 hours for detail about this clot, but now, for the first time, we know the clot is not in clinton's leg, it is in a vein next to her brain. to
the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they will go up as of midnight. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for secretary of state hillary clinton. she remains in a...
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the democrats want to extend the bush era tax cuts for those thinking less than $250,000. >> to taxes will go up for every taxpaying american. republicans are not about to write a blank check to us because we find ourselves at the edge of the cliff. >> consistently show that a majority of americans support the president's position on tax es. >> did the shooting as the chicago at 500 homicides for the year. >> so far no comment yet. chicago police have been working hard to prevent it. the 500 happened last night. the shooting death on the west side. 40 year-old nathaniel jackson was pronounced dead just after midnight. three hours after he was shot in the head. his death pushed chicago homicide rate to 500. today that is the talk of the town. >> it is crazy. i think these people are going out of their mind. the need to do something about >> this is only the second time this decade that the homicide rate has hit 500. there were 512 in 2008. the number dropped in recent years. earlier this you're the police superintendent shook up the department to target high crime areas. some feel that
the democrats want to extend the bush era tax cuts for those thinking less than $250,000. >> to taxes will go up for every taxpaying american. republicans are not about to write a blank check to us because we find ourselves at the edge of the cliff. >> consistently show that a majority of americans support the president's position on tax es. >> did the shooting as the chicago at 500 homicides for the year. >> so far no comment yet. chicago police have been working hard...
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any time the rpublican candidate is viewed as the tax sector. in many had to defend his position in the debate he was a way out of his way to say, if you are wealthy and all you're not getting any tax cuts, and it was a defensive argument on a fundamental issue rather than pointing president obama had twice argue in public that raising taxes in an economic downturn would doom the economy. the president of the united states said that and iran on a proposal. lou: two things that seem peculiar. i would love for both of you to respond. i heard a lot of bonn, abou the tea party. the tea party did not exist in this election. it was a non fctor. why in the world would there be so much concerin the republican party about the tea party. why was there an idea that you're better off today than you were four years ago and pick 2008 as the year, he baseline, and it was a lousy year. in point of fact, just about everybody is. what o you make? very quickly. >> your immediate questn, yes, we were better off than the depths of being in a whole. president clinton
any time the rpublican candidate is viewed as the tax sector. in many had to defend his position in the debate he was a way out of his way to say, if you are wealthy and all you're not getting any tax cuts, and it was a defensive argument on a fundamental issue rather than pointing president obama had twice argue in public that raising taxes in an economic downturn would doom the economy. the president of the united states said that and iran on a proposal. lou: two things that seem peculiar. i...
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a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you talked about on the show quite a bit. a big chunk comes from tax increases. little the end of the unemployment benefits of that been going on for a while, the payroll tax holiday and the alternative minimum tax which is going to grab more and more people. you will have less subsidies for lower income people who are unemployed today and higher tax on middle income americans. it's not great. none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye c
a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a...
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
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if you vote for this bill, it's a vote to lower taxes, not raise taxes. it's optics, it's semantics, but it's very important for house republicans. >> it's ridiculous is what it is. >> and we know that a lot of democrats will support this final package. so, nancy pelosi will bring her votes. >> although welch told me he didn't know whether or not he would support it. >> nancy pelosi has signed off on it. it's up to john boehner to deliver his votes and can he do it without amending it, we do not know at this time. >> all right, luke. thank you very much. >> take care. >> we'll see you soon, i'm sure. >> indeed. >>> well, there's already been grumbling about this senate legislation from both sides of the aisle, but texas republican senator kay bailey hutchison says that is the essence of compromise. >> i don't love it, but i think it is a very good job of negotiating where there are some wins and some losses, and it's about even. >> with me now, the agreeos political editor parry bacon and lynn sweet, washington bureau chief for "the chicago sun ti s times
if you vote for this bill, it's a vote to lower taxes, not raise taxes. it's optics, it's semantics, but it's very important for house republicans. >> it's ridiculous is what it is. >> and we know that a lot of democrats will support this final package. so, nancy pelosi will bring her votes. >> although welch told me he didn't know whether or not he would support it. >> nancy pelosi has signed off on it. it's up to john boehner to deliver his votes and can he do it...
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unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the cliff may not look great but the dow is up for the time being. we have fox coverage with wendell at the white house. but, first, mike is live on capitol hill. the senate leader is the -- actually, the minority leader, what is he telling colleagues? >>reporter: he said they are very, very close. he would like to take action to avoid having americans suffer a huge tax increase in a matter of ten hours. there are a lot of anxious senators walking around wondering if or when they will get a chance to vo
unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace:...
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but congress can undo those tax hikes if the house passes the senate's bill. vice president biden, who was instrumental in brokering the deal, told reporters he's hopeful it can get through the house but you never know. >> you shouldn't predict how the senate will vote before they vote and number two, you surely shouldn't predict how the house is going to vote. >> reporter: it would extend tax cuts for all workers earning under $400,000 and raise taxes on people above that level and prevent a big tax hike in an estate valued at less than $5 million and extend unemployment benefits for 2 million people. the house will take it up later this morning, the hope is that chamber can pass it before the economy is rocked by the tax hikes. >> happy new year. i feel very, very good. >> reporter: president obama called the senate vote the right thing to do for the country and he encouraged the house to pass it right away. >> all right, abc's tahman bradley reporting from washington. thanks. have a very happy new year. we know you're going to be today, tahman. >> same to y
but congress can undo those tax hikes if the house passes the senate's bill. vice president biden, who was instrumental in brokering the deal, told reporters he's hopeful it can get through the house but you never know. >> you shouldn't predict how the senate will vote before they vote and number two, you surely shouldn't predict how the house is going to vote. >> reporter: it would extend tax cuts for all workers earning under $400,000 and raise taxes on people above that level and...
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never ever to raise taxes. all but 7 of my republican friends have taken that pledge which is a huge impediment to our getting something done. >> do they have to stick to that pledge? >> i hope they will renounce that pledge. the only pledge worth taking when you get elected to the united states congress is to the constitution of the united states. >> let's back up a little bit. talk about what's happened over the weekend what's going on in the senate and seeing that rita cannot seem to come to any sort of agreement now that the vice president being called in. what does that say when the vice president is being called in to broken some sort of a deal? >> well, obviously, phil roe before me said wouldn't it have been nicer if regular order would have worked? i agree with that but we were out in recess for 15 weeks not doing this job. so the fact that you got to call in the cavalry at the last minute to rescue a deal if that's what it takes, so be it. but what's important to me is we try to avoid this cliff on be
never ever to raise taxes. all but 7 of my republican friends have taken that pledge which is a huge impediment to our getting something done. >> do they have to stick to that pledge? >> i hope they will renounce that pledge. the only pledge worth taking when you get elected to the united states congress is to the constitution of the united states. >> let's back up a little bit. talk about what's happened over the weekend what's going on in the senate and seeing that rita...
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they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of representatives might not vote on something tonight. >> we will keep you up-to-date with the fiscal cliff situation over the next few hours. we showed you athens a few minutes ago and the fireworks displays around the world have been heralding the start of the new year. north korea has joined other countries in having a pyrotechnics display. australia, china and russia are well into 2013. we are tracking the celebrations. >> residents in samoa were among the first to welcome 2013. these to be the last but a year ago, they jumped to the west of the international dateline. the spectacular start to the new yea
they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of...